[ LETTER ]

Retirement Fund

Published: Saturday, February 9, 2013 at 12:20 a.m.

Last Modified: Saturday, February 9, 2013 at 12:20 a.m.

City Attorney Tim McCausland wants to change his pension plan from a 401(a) to a defined benefit ["Pension Request By Lakeland City Attorney Stirs Controversy," Feb. 3]. His stated reason for doing so is he was hit hard by the stock market decline in 2007 and 2008. Who wasn't?

Apparently, McCausland made some poor investment decisions and basically now wants the taxpayer to cover his losses. I also suspect that McCausland crunched some numbers and determined he could rake in a bundle by changing. By contributing as much as $800,000 as a lump sum, he stands to reap about $108,663 per year for the rest of his life. The payout is less than eight years, then he is home free.

Former City Attorney Joe Mawhinney deserves credit for shaming the city commissioners into delaying approval of this ordinance. This is a classic example of government helping themselves or their cohorts to opportunities not available to the public.

McCausland needs to stop whining, accept responsibility for his financial choices, and plan on working longer if his current 401(a) is not adequate. The rest of us do.

<p>City Attorney Tim McCausland wants to change his pension plan from a 401(a) to a defined benefit ["Pension Request By Lakeland City Attorney Stirs Controversy," Feb. 3]. His stated reason for doing so is he was hit hard by the stock market decline in 2007 and 2008. Who wasn't?</p><p>Apparently, McCausland made some poor investment decisions and basically now wants the taxpayer to cover his losses. I also suspect that McCausland crunched some numbers and determined he could rake in a bundle by changing. By contributing as much as $800,000 as a lump sum, he stands to reap about $108,663 per year for the rest of his life. The payout is less than eight years, then he is home free.</p><p>Former City Attorney Joe Mawhinney deserves credit for shaming the city commissioners into delaying approval of this ordinance. This is a classic example of government helping themselves or their cohorts to opportunities not available to the public.</p><p>McCausland needs to stop whining, accept responsibility for his financial choices, and plan on working longer if his current 401(a) is not adequate. The rest of us do.</p><p>MARK DeVRIES</p><p>Lakeland</p>